Beazley’s head of reinsurance Patrick Hartigan has called on the Corporation to provide more clarity to reinsurers over Brexit.
Speaking to Re-Insurance on the eve of the Monte Carlo Rendez-Vous, Hartigan said that to date, Lloyd’s has focused its efforts on supporting primary insurers.
“There’s been a lot of talk on the primary insurance side,” Hartigan said.
“Their focus has been on the insurance side – Lloyd’s Brussels was set up for that,” he added.
Hartigan said as Britain’s departure from the European Union draws nearer at the end of March, he hopes Lloyd’s makes efforts to soothe reinsurance carrier’s uncertainties.
“I soon hope to hear Lloyd’s coming out with an approach on the reinsurance side for 2019,” Hartigan said.
He said it was crucial the Corporation acted in order to quell some of the anxieties European clients were experiencing.
“There are certain European clients that want more confidence in Lloyd’s,” Hartigan said.
He said that if Lloyd’s dallied in communicating with the reinsurance market, it could be detrimental for those working on Lime Street.
“What we don’t want to see is Lloyd’s – and the managing agents that operate there – to lose business because we’re in this position of uncertainty as March approaches,” Hartigan said.
“As a market we have to convince our European clients that Lloyd’s is an entity they should continue to trade with,” he went on. Hartigan said that the out-going chief executive of Lloyd’s, Inga Beale, holds a lot of weight with European carriers from her tenure at Swiss carrier Zurich.
“Inga Beale has been very influential in the European market from her time at Zurich,” Hartigan said.
He called on Beale to use the platform the Monte Carlo Rendez-Vous offers to clarify Lloyd’s position on Brexit for reinsurers.
“She still holds weight – we’re hoping she says something that reflects positivity towards Lloyd’s,” Hartigan said.
If Lloyd’s doesn’t act now, Hartigan said reinsurers’ hands will be forced, and they will look for ways of sustaining business that doesn’t involve the Corporation.
“It’d be very disappointing if some people saw this [lack of action] as a negative and decided to put their own contingency plans in place over Lloyd’s,” Hartigan said.